Standard Chartered announces $1bn buyout as profits beat expectations

The London-headquartered lender said fourth quarter adjusted pre-tax profit rose by 63 per cent to $1.06 billion

Standard Chartered declared a final dividend of 21 cents a share, raising the full year payout by 50 per cent. Photo: Bloomberg

Standard Chartered pledged to hand back more money to shareholders as it outlined efforts to improve returns and reduce complexity at the emerging markets-focused lender.

Reporting fourth-quarter profits that beat analyst estimates, the London-headquartered bank said it would kick off a fresh $1 billion buyback. The firm said a new “Fit for Growth” programme will save about $1.5 billion in expenses over next three years, but also add a similar amount to costs for the ...